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Alpha Realty Lists Bed-Stuy Duo at 5% Cap Rate
Alpha Realty’s Lev Mavashev has been retained to sell 29 Brooklyn Ave and 126 Herkimer St in Brooklyn’s Bedford-Stuyvesant neighborhood. Mavashev and Daniel Aminov are spearheading the assignment. The two buildings are located just a few blocks apart and are priced at a 5% cap rate and 13xGRM.
Both buildings were built in 1910, and combined are approximately 26,000 square feet and 33 apartments. Both properties also have a unique mix of rent-controlled, rent-stabilized, and free market units, with 70% of units at free market status. Furthermore, the two buildings have undergone extensive upgrades and renovations over the past five years.
Located in a rapidly gentrifying block which is right next to the Nostrand Avenue Station, “these buildings present significant value-add potential due to below market rents,” added Mavashev.
- ◦Sale/Acquisition
